Hands in her Pocket
Alanis Morissette’s breakout album Jagged Little Pill, is one of those awesome albums that stands the test of time. Ironic as it may seem, many of the song titles relate to what happened to her. Songs like You Otta Know, Hand in Pocket, Ironic (oops, already said that one), Right Through You, and You Learn. But definitely NOT Forgiven.
In January, 2017, Alanis Morissette’s former business manager had admitted embezzling more than $7 million from the singer and others artists. Jonathan Todd Schwartz, 47, was charged with wire fraud and filing false tax returns. He admitted stealing from Morissette between May 2010 and January 2014.
So just how did Schwartz he do that?
Schwartz offered financial guidance to his clients and helped handle their personal finances, including bank accounts and tax returns. He forged her signature and misrepresented withdrawals from her accounts as them being Alanis’ “sundry/personal expenses,” At the sentencing hearing in May, 2017 Morissette said Schwartz had stolen her trust and her money for years in a “long, systemic, drawn-out and sinister manner” that could have bankrupted her in about three years if he wasn’t caught. He was to protect her money by managing it professionally, but instead he took it from her.
How did Alanis find out?
Morissette decided to take her business somewhere else. It was her new financial manager who discovered millions of dollars missing. See? Second opinions ARE a good idea.
How can you avoid having this happen to you?
Be proactive. Insist to review your statements. Listen to your gut. Don’t have all your managers in one basket. Have different and unrelated advisors. Just like a guitar player is not the drummer in the band (unless you are Dave Grohl), a business manager is generally not the financial advisor. If your business manager pulls up in a new BMW, or goes on expensive vacations, question it. If it doesn’t seem right, it probably isn’t.
As for Schwartz?
After pleading guilty to wire fraud and tax crimes, crying and apologizing, he’s spending six years in federal prison and was ordered to pay $8.6 million in restitution. He’s could have received over 20 years